Mr Frydenberg was until now the parliamentary secretary to the prime minister and has been heading up the government’s red-tape reduction agenda across the economy.

He will now take the reins in the assistant treasurer role – which includes responsibility for regulation of financial services – ending Mathias Cormann’s role as acting assistant treasurer and freeing Senator Cormann up to focus on the Budget full-time.

“I am humbled to have been appointed assistant treasurer by the prime minister,” Mr Frydenberg said in a statement.

“It is a great privilege to be able to serve in this portfolio as a member of the Abbott government ministry.

“I would like to pay tribute to Senator the Hon Arthur Sinodinos AO for his very valuable work in this portfolio.

“I would also like to acknowledge the very significant work of the Minister for Finance, Senator the Hon Mathias Cormann, who has been acting assistant treasurer.”

Mr Frydenberg is the federal member for the Melbourne seat of Kooyong and is a former barrister, Mallesons partner and Oxford University tennis blue.